@giddyg The nuance of unemployed people who don’t want to work though makes it difficult. A home maker or full time parent who still has a healthy household income and doesn’t want to/can’t work shouldn’t be included in the statistics surely. It should only include people who want to work but don’t have a job.
The problem is accounting for people who have given up looking for work or who haven’t started yet etc.
@wandaa It would be so noisy that it wouldn’t be very useful. You would be including students, homemakers, family caretakers, retirees, early retirees, sick/injured.
Having homemakers/students/early retirees are all good things as well. Shows you have a mature economy that can support people so they aren’t working till they are 75, and the population is improving their education.
@giddyg IMHO, it wouldn't make sense if unemployment rate calculations including people who are not looking for a job (I.e. some students or folks decided to retire early). Just like somebody else mentioned, thats why we have two different rates, "employment rate" and "labour force participation rate".